On Tuesday, the S&P/ASX 200 Index (ASX: XJO) was on form and raced higher. The benchmark index rose 0.7% to 9,164.6 points.
Will the market be able to build on this on Wednesday? Here are five things to watch:
ASX 200 to rise
The Australian share market looks set for a good session on Wednesday following a positive night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 31 points or 0.35% higher. In the United States, the Dow Jones rose 0.3%, the S&P 500 climbed 0.3%, and the Nasdaq charged 0.65% higher.
Oil prices sink
ASX 200 energy shares including Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session on Wednesday after oil prices sank overnight. According to Bloomberg, the WTI crude oil price is down 5% to US$80.81 a barrel and the Brent crude oil price is down 6% to US$86.63 a barrel. This was driven by easing US-Iran war fears.
Buy EOS shares
In response to its results on Tuesday, Bell Potter has retained its buy rating and $12.60 price target on Electro Optic Systems Holdings Ltd (ASX: EOS) shares. It said: “EBITDA was $21.6m (4% beat vs. BPe) driven by higher-than-expected gross margins offset partially by higher opex which reflected a 42% YoY expansion in headcount as EOS scales geographic presence for further order book growth plus MARSS sign on bonuses.. […] Retain Buy. EOS is positioned as a C-UAS market leader leveraged to increasing budget allocations to C-UAS tech. The next 3-12 months is catalyst rich for EOS.”
Gold price rises
ASX 200 gold shares Westgold Resources Ltd (ASX: WGX) and Northern Star Resources Ltd (ASX: NST) could have a good session on Wednesday after the gold price rose again. According to CNBC, the gold futures price is up 0.45% to US$4,719 an ounce. Traders bid the gold price close to a three-month high on US dollar weakness.
More ASX 200 results
Another group of ASX 200 shares will be releasing their results on Wednesday and will be on watch. This includes counter-drone technology company DroneShield (ASX: DRO), pizza chain operator Domino’s Pizza Enterprises Ltd (ASX: DMP), supermarket giant Woolworths Group Ltd (ASX: WOW), investment platform provider Netwealth Group Ltd (ASX: NWL), and logistics technology company WiseTech Global Ltd (ASX: WTC).
The post 5 things to watch on the ASX 200 on Wednesday appeared first on The Motley Fool Australia.
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More reading
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- Are Woolworths shares a buy, sell or hold ahead of its FY26 results announcement?
- Why WiseTech shares are pushing higher again on Tuesday
- Why is the ASX 200 having its best day in 3 weeks?
Motley Fool contributor James Mickleboro has positions in Domino’s Pizza Enterprises, WiseTech Global, and Woolworths Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Domino’s Pizza Enterprises, DroneShield, Electro Optic Systems, Netwealth Group, and WiseTech Global. The Motley Fool Australia has positions in and has recommended Netwealth Group and WiseTech Global. The Motley Fool Australia has recommended Domino’s Pizza Enterprises. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.